Sec. 17-134.1. Labor organization employees.

370 words·~2 min read·/il/chapter-40/act-5/17-134-1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A former teacher who is employed by a teacher or labor organization and is not eligible to participate under subdivision

(4)of Section 17-134 because he or she is not on a special leave of absence may elect to participate in the Fund for the duration of that employment by so notifying the Fund in writing. Participation shall be subject to the same conditions as are applicable to persons participating under that subdivision (4), and service credit shall be contingent upon the required contributions being received by the Fund.

(b)A person who participates in the Fund under subsection

(a)may establish service credit for periods of such employment that took place before beginning participation under this Section by submitting a written application to the Fund. Credit shall be granted upon payment to the Fund of an amount to be determined by the Fund, equal to

(i)the employee contributions that would have been paid if the person had participated under subdivision

(4)of Section 17-134 during the period for which service credit is to be established, based on the actual salary received, plus

(ii)the employer's normal cost associated with that service credit, plus

(iii)interest on items

(i)and

(ii)at the rate of 6% per year, compounded annually, from the date of the service established to the date of payment. Service credit under this subsection shall not be granted until the required contribution has been paid in full; the contribution may be paid at any time before retirement.

(c)A person who participates in the Fund under subsection

(a)may reestablish any service credits previously forfeited by acceptance of a refund by paying to the Fund the amount of the refund plus interest thereon at the rate of 5% per annum, compounded annually, from the date of the refund to the date of payment.

(d)Rollover contributions from other retirement plans qualified under the Internal Revenue Code of 1986 may be used to make the payments required under subsections

(b)and (c).

(e)No service credit may be established under this Section for any period of employment for which the person receives service credit under any other provision of this Code.